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I just turned 44 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $500k
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Many people often underestimate the effectiveness of a financial adviser in planning for retirement. Over the past 5 years, my FA has consistently restructured and diversified my portfolio and expenses, resulting in over $1 million in gains. While it might not seem like a huge amount, retirement now feels within reach.
JUDITH LYNN STAUFER is who I work with. Have worked with her for about 5 years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thanks for sharing this. This is equally of great importance to me. Sent a message on her webpage, hopeful to get a feed back.Her credentials are superb.
I retired at 61 and am now 64. I pay my credit card off monthly. I bought a brand new car a little over a year ago and paid cash. I also don't have a mortgage. I have never lived above my means. Thanks so much for this video. Make me feel good.
I’m 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Great video Joe. Another factor to add: Do they spend a lot of time planning their financial future? I'm curious if people who went through the financial crisis in 2008 had an easier time than me right now. The stock market is making me really worried because I've lost over $ 27,000 in just this month and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
‘’Marisa Michelle Litwinsky” just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.
@@simonbad Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
@@AstaKristjan She really seem to know her stuff. I found her online-page, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her.
I would be retiring or working less in 5 years, and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
At this moment, it is crucial for individuals to prioritize investing in alternative streams of income that are not reliant on the government, particularly with the existing worldwide economic crisis. Investing in stocks, gold, silver, and digital currencies can still be profitable during this period. Therefore, it is advisable to explore these investment options to secure one's financial future.
@@edelineguillet2121 Your money is stagnant when you save, I will advise you buy stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance of a broker or financial advisor.
@@bernisejedeon5888 Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
@@valeriepierre9778 Julia Ann Finnicum”is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@bernisejedeon5888 Thanks for sharing this.I just looked her up on the web and your advisor looks advanced and experienced. I will write her an e-mail shortly.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@tommychestnut5335 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
I'm 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with at least $3million by, the market up and down is not helping at all.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
How can one find a verifiable expert advisor ? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Lisa Ann Moberly a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I usually don't do well with online recommendations, but this Lisa Ann Moberly advisor seem to know her stuff, just went through her website and I booked an appointment.
Don’t feel like Lone Ranger on stupid or lack of moves! I’ll be ok, however had I played my cards differently I’d be retired! Definitely have my Son on the train track after pounding it for 5 yrs…401K & Roth calculators are great easy to understand tools
Interesting video. However, considering that I will be turning 55 in October, I have limited time for Fin. market exploration. I am seeking ideas and suggestions on which investments to acquire in order to prepare for retirement. This is particularly important given the potential threat of inflation. My goal is to accumulate at least $5 million by the time I reach 65.
I completely agree with you! Having an investment adviser is definitely the way to go, especially for people who are nearing retirement. I've actually been working with a coach for a while now because I personally don't have the in-depth knowledge or mental strength to handle these market conditions on my own. Before, my portfolio used to fluctuate a lot, but over the past couple of years, I've been consistently growing my profits. It's gone from $500k to $1.4 million!
Oh, my advisor is actually pretty well-known! It made it much easier for me to get in touch with her. Her name is 'Sharon Kay Hanna', and she has a web presence, so you can easily find more information about her by doing a quick search.
Keep 4 to 5 years cash. Rest invest in a S&P 500 ETF or a growth ETF. If market goes down you have the cash to live on. You also maximize your return with rest of your portfolio.
Retirees facing financial challenges often couldn't save enough during their working years. Retirement decisions play a pivotal role. Despite my parents having similar years in civil service, my mom invested with a wealth manager, while my dad relied on his 401(k). As a result, my mom retired with approximately 3.7 million, whereas my dad retired with around 1.4 million
Millions? Really? 1.4 mil is less favorable than the multi millions your mom amassed? Okie dokie then. Unrealistic for someone who has been living in the mid/low income bracket all her life. And not sue to overspending or not working. So, not all of us have the ability to save or invest. But thanks for sharing.
It's unfortunate that many lack this information. I understand why people might panic. The lack of knowledge can be a significant obstacle. Personally, I've been generating over $33k passively through investments with an advisor, requiring minimal effort. Regardless of economic conditions, skilled wealth managers consistently yield returns.
I believe it's something I should pursue, but I've been procrastinating for a while. I'm uncertain about which firm to choose; they all seem similar to me.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
Well, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since COVID. Personally, I garner knowledge from a brokerage Adviser whom I work with, and I've actually made over $350K with their help since February. Very effective defensive strategies are used to protect my portfolio and make profits despite the ups and downs.
@@LagerthaJackson I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock.
Most people do not understand the power of compound interest or are just impatient. However, for the average Joe, I think it's better to invest in the S&P 500 and wait, which is reliable, albeit extremely long: many years, or just use an investment advisor and speed up your wealth creation. Most people underestimate the power of the latter.
@@glenbert1396 I agree with you. I started investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money with an investment advisor and in seven months raised almost $873,000.
@@baileymclean8186 Any chance you can recommend who you work with for those of us who want to make the right plays now and be better positioned for a healthy retirement?
@@kansasmile Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "JILL MARIE CARROLL" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
The most admirable quality I have seen of people heading towards retirement is that they mention sacrificing and living within their means. The earlier in life one learns this lesson the better it is.
credit cards are the devil and the devil needs to vo back to his own home and leave all us alone . I help all I can to escape from his traps & kick him out to see the people rejoice at no monthly bills !!! (throwing $ in the trash = to the wolves) They have ao much more spenfing $ now. Yeah. It's awesome. : ) Getting rid of crazy expenditures = $200 att phone $250 plus cable That's thousands of $ yearly for their wishes instead of a stupid unnecessary bill
The sooner one starts to live below their means the better, but it is never too late to start. You might not totally fix past mistakes, but you can improve things a lot.
What’s the point of being able to travel anywhere if you don’t have the energy to climb hills or you can’t eat food that upsets your stomach. Living on dull meals and staycations to achieve a secure retirement isn’t worth it if you never can fully enjoy life at any point. None of you have my memory of staying at the Essex House in NYC for a big Broadway opening and seeing the valet bring our Jaguar to the front of the hotel. I loved that car for ten years. But I bought it two years old and half off on eBay. I could have saved more money but I almost died two years ago so I am not sweating it. I have retired but I am still working and I love what I do. I buy and sell antiques. Life is a treasure hunt. I am happy with my choices and my memories. Make sure you can say the same thing. Living in The Villages debt free and planning the next pickle ball tournament sounds like the third circle of hell to me.
We planned to retire in our 50's and began growing net worth in our mid-20's, Eliminating debt was a priority, The formula was simple: live beneath our means, save/invest. We became debt free in our 40's and fully retired in our 50's. We mostly kept quiet until retirement after raising 5 kids - all offered the opportunity for college. People were shocked. Today, we're pushing age 60 - fully retired and loving the life of security and abundance.
In spite of how everyone is frightened and calling the crash, there is already an excessive amount of demand waiting to absorb it, which is another reason it's less likely to happen that way. This forecast was not made in 2008, at least not by the general public, as I will explain below. The ownership rate peaked in 2004, according to the other comment. We reached a peak in the second quarter of 2020 and are currently at the median level. From 2008 to 2012, it fell by 3%, and in the second quarter of 2020, it dropped from 68 to 65.
Because they are used to bull markets, most people find it difficult to handle a decline, but if you know where to search and how to get around, you can make a sizable profit. It depends on how you plan to enter and leave.
@@AshtonGrace My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
@@AshtonGrace I just copied and pasted Maria Teresa Tyler’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
You can retire if you don't have too many children, a high mortgage, car payment, or high credit card. I don't have a million dollars or 401k. What I have is 2 lifetime health insurance, 2 lifetime retirement from military and VA. 😂
According to the New York Times, the average savings of a couple reaching retirement is $110k I’m closing in on my retirement and I’m under pressure to grow my reserve of $330k, despite the fact the capital gains you can make on growth stocks far outweigh dividend yields, and even in downtrends folks still pull off 6-7figures gains in months. surely the risk is much greater, but I’d love to know how.
there're tons of avenues to capitalize on in a downtrend to make substantial gains, but these opportunities and trades are successfully carried out by pros.
My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast, hence i will suggest you get yourself a financial-advsor.
Don't retire if; 1) you have multiple credit cards with large balances on them. 2) Car/truck loans. 3) Mortgage payments. 4) You have no budget in place.
The mortgage is the big one. Get that paid off and you’ve got an asset that could potentially fund your retirement if you needed to sell it off. Get ridecof mortgage payments as soon as you can and that’s probably your largest outgoing bill removed from your monthly payments.
@Bob31415 I have 1, I pay the balance off at the end of every month to keep the interest rate 0%. If I had more, I couldn't do that. Hence, I edited in "multiple"
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?
would get money management just in case. You’re only 55. I think the average life expectancy in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!
@SlowrideHome91Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Thank you for sharing, I must say, Jennifer appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,
@CLARA22123 true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
@@Tsunaniis-j5l Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@@Aziz__0 I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@@Tsunaniis-j5l Thanks a lot for this. I really needed the recommendation, and I would love to move my funds from an existing mutual fund. I'll check her.
I'm 72 and my mortgage is paid, I have no credit card debt and owe about 4K on two cars that will be paid off by 1/24. I keep them in tip top shape by following the maintenance standards that my mechanic tells me. For the past 10 years I have allocated 3-4K in home repairs per year. It's important to not let the condition of your home get away from you.
Excellent video and I agree on what was put forward. I retired at 57. My wife and I saved and invested early allowing me to exit the workforce when I did. House is paid off, kids college tuitions fully funded, have two late model cars fully paid off, travel extensively and do not foresake anything we need. We are not special and believe most people can do this with the appropriate level of planning and discipline. The key message I would communicate to others is don't delay retirement if you have the financial wherewithal to do so. Too often I have seen many people delay retirement and then experience health issues which constrain the very things they wanted to do post-retirement. Moreover, the most significant benefit of retirement for me is that I know longer have to deal with people I do not want to. That has proved to be the ultimate blessing.
@@paulcastillo4587 good for you Paul. Sounds like you made a right number of decisions over the long term that led to a successful outcome. Best to you and your family.
The current downturn in the market and the surge in inflation are causing me concern regarding my retirement plans. Despite these obstacles, I recognize that investing is a prolonged endeavor, and I'm maintaining my concentration on the future.
Generating significant proceeds, especially during a bear market, requires the implementation of sophisticated actions, which are most effectively carried out by experienced connoisseurs in the market.
Stacey appears to be really knowledgeable. Her resume, educational history, and qualifications were all quite good when I found her internet page. She will act in my best interests because she is a fiduciary. I thus scheduled a session with her.
I love my career and enjoy working. Why retire? Those obsessed with retiring always seem to be the "glass-is-half-empty" thinkers. There is more to life than a bucket of money.
*I'M 50 YEARS AND I RETIRED AT 47. I WAS ABLE TO DO THIS BECAUSE I UNDERSTAND FOUR PRINCIPLES OF FINANCIAL PLANNING SUCCESSE THINK LONG TERM WITH GOALS AND INVESTING. SPEND LESS THAN YOU EARN. MAINTAIN LIQUIDITY(AN EMERGENCY SAVINGS) MINIMIZE THE USE OF DEPT*
Real fact I had a business preposition that turned out to be a mess due to that I feel into huge debt with words I realized I needed an investment expert. Like a pro to give me better guide on how to a begin a successful investment. I'm also open to good recommendations
Ava Harry's concept is key in beating all odds to excel in the form of online commodity,Her management team is quite impressive so far! With $5k I have made a profit of over $50k
I turn 62 in one week. My family is not particularly known for longevity. No credit cards. I got a modest inheritance a couple of years ago that can pay off my mortgage and car payment, leaving me to survive on my modest 401K earnings and a decent SS payment. I live in a rural area with a low cost of living. I've crunched the numbers and they are tight but positive and would improve when I become eligible for medicare at 65. Management changes at the corporate level making my work life miserable have me itching to retire. But... I keep telling myself soon, soon, but not today.
Nah, wait until you are 67. It's only a few more years and you will make upward of 30% more in SS payments. When you reach 67, you'll regret not having worked those 5 years.
I've recently divorced, recently retired and just watched this video. This advice is spot on. I have no loans, no mortgage, live within my means. And I'm having a wonderful time finding out who I am. Love it! Exciting times....
I retired this year. The best advice I could recommend is pay off as much as you can (home, auto). So many things are out of your control like taxes and insurance
Words of wisdom. I’ve carried CC debt for many years. Was debt free in 2018 and ran up cards again until paid off half in June 2022 and then finally all paid off in Jan 2023. Embarrassing to say how much debt it was nTurned 59 last month and can’t retire until at least 62 but projected to be 64 1/2. Definitely a behavioral issue, wanting stuff “now”, living above my means and running a CC balance month after month. Thank god I have north of $430k in my TSP, a pension that will pay about $5500 a month gross by end of 2029, and SS and can now begin to save money over next 5 years until I retire debt free. Have a mortgage but my biggest obstacle way getting rid of CC Debt and that behavior is in the rear view mirror!!
For me, expense tracking is key. This is not the same as a budget. With expense tracking, I know what I'm spending on average over the past 6 to 12 months in each category (food, electricity, gasoline, etc.), and this helps me see where I'm at in terms of cash flow. It also shows where I am spending too much (restaurant meals, for example) and where I could make adjustments.
@jodylarson4697 Totally agree. I’ve been using quicken for decades to track every transaction coming in and going out across all my accounts, it gives me a comprehensive overview of everything related to my finances and I make adjustments when I see that I might be spending a little too much in one area or another.
@@andersnielsen6044 WHAT SOME PEOPLE DON"T EVEN KNOW HOW MUCH MONEY THEY HAVE EACH MORNING!!!! FOR SOME OF US TRACKING AND BUDGETING IS NOT NESESSARY FOR OTHERS THEY CAN'T GO WITHOUT IT!!! People are just too different to expect them to all need or not need something..... just not that simple.
I agree 100%… One thing I did when I was working out if I could retire was that I looked back at what I had been spending, and how I had been spending it for the previous 2 years… Then I looked at my projected income to see if that would cover my costs plus plus… I wanted money for my go-go years and my slow-go years and then what’s left will be fine for my no-go years… Great sense as always Joe..
Great video. Before I retired, we paid off all credit cards and right after I retired, we sold my commuter hybrid to Carvana for a couple thousand more than I owed on it. The only thing we chose not to do was pay off the mortgage. We have 2.75% and we're choosing not to deplete our investments. We relocated a number of times over the years and had bad market timing with price dips, so never got to the point of paying off a house. We also put 5 kids through college, which definitely diverted potential mortgage payoff funds.
We decided to take out a mortgage 8 years ago to get a steal of a place on a beautiful lake. 65 now and still have mtg but the enjoyment of living here is priceless. Planning to retire this year and will still be paying my mtg but can handle it. If need be will sell, other places on the lake are up 70% at least.
Thanks for your words of wisdom. I am 60 and have been an automotive tech for 40 yrs. My body is getting tired! Your advice is spot on! 7 months left on the car loan, doubled up on mortgage payments, whittling out the credit cards. I am hoping to retire at 62, but health insurance is my only obstacle. I might have to last until 65. Your videos have given me guidance and are allowing me to look forward to my retirement years.
Yes, take a close look at ACA, with the current subsidies under the secure act, it is very affordable. No need to work till 65 if you don’t want or have to.
If your mtg balance and the rate is low, doubling up might be more self pain than you need to cause yourself. Good to get it paid off. But you may be better served to just make your regular payment and add the extra to a high interest savings account. I'm getting 3.7% at Capitol One. And have a cd of over 5%. My mtg is paid and no other debt. Best of luck and sounds like you'll get there. Having a plan and determination is huge!
I retired at 63, health care thru the ObamaCare system. There is a maximum amount of "adjusted gross income" allowed. It was a very "do-able" amount for us, and that was my last reason for working. I'm almost 5 years in now, and am so very happy to be done with the crazy work world.
Healthcare is not even a consideration in the rest of the developed world, as it's all free (or more accurately, has already been paid for over your working life).
Always live lower than you think you need to… Do not want what others have and never compare them to you. Find someone or something that makes you happy and keep it simple. Happiness is the key to never having to worry about retirement. Retirement is for people that never really found what they liked to do. If you like what you are doing, you will never want to retire from it.
I agree with all of this. We've been retired for 5 years now and have had no mortgage, credit card debt, car payments for several years before retiring. One of the biggest moves, however, was reducing our property tax burden from 15 thousand $ annually to 15 hundred $. We left NJ and moved to rural NC. That's a huge chunk of change per month. You develop new interests and no longer need NYC and all the entertainment that goes along with living in that mecca.
1. Credit card debt. Agreed. 2. Car payment. Depends. It may be their last car. If so. Ok. 3. Mortgage. If its low interest and low payment. Ok. 4. Budget. Most important. And a budget on a piece of paper is not enough. It should be a spread, managed daily and monthly. And should have controls. And you should be within budget. Else no point. 5. Healthcare plan. 6. Long term care. 7. A will or living trust. Thanks for the video. ❤❤❤
Why is a mortgage ok if interest is low, I am semi retired, work part time, not out of need, but to keep busy, I prefer not to have a mortgage, I have been in my house long enough that one of my SS check can pay my property taxes for the year, and have a few hundred dollars left over.
Hi Joe, thanks for the video. When I saw the title, I was already thinking about what I was going to write in this comment section. But you covered the majority of what I was thinking about, and if I may, I can put it how I think is simple enough for most to understand. 1. How much do you plan on having come in every month? Most will have at least one of these to retire on; Social Security, Pension, IRA / 401k. 2. What will your outgoing money look like every month? Will one, two, or all three of those income sources cover everything? I retired two years ago in March at 59. I have only been drawing my pension for these two plus years, but I will be filing for early Social Security at the end of this year. I do not have a mortgage, a car payment, or credit card debt. The only things I pay monthly are car insurance and my cell phone plan, which includes home internet and a streaming service in the plan. This doesn't even take into account my 401k-turned-IRA. That will be later on, maybe at 65, when I start taking distributions. I have no health issues and plan on a long retirement, so taking Social Security early is a no-brainer for me. I will definitely be enjoying my money early, as who knows what is going to happen 8 to 10 years from now with Social Security, if it is there at all.
I worked as a carer and met some wonderful older adults. One lady I will always remember. She was smart, friendly, a good all rounder and quite well off. She lost her husband and then volunteered at a charity shop and by the time I met her she had filled her house, all over with 'stuff'. We talked alot about her life, her husband and her daughter. At 92, physically slow and using sticks, she managed to still live alone. She said if her legs were still strong she would spend all her money on cruises. She would cruise all over the world and spend all her money, and at the end, after seeing everything, she asked me what I thought she would do next, and before I could answer she said "I would jump off". I laughed so much. Three years later you may not be still with us Nona, but I will never forget you. Xx
I think you made some great points. I would also advise anyone in their late forties to mid fifties... do NOT buy a boat. Or a Harley. Or a plane. Or a cabin out at a lake somewhere. My ex girlfriend was an accountant doing rich peoples taxes, and she would scream at them to UNLOAD THAT BOAT! Just sell it. Expensive hobbies can break people-- even smart, high earning people who have thought all their lives that they knew what they were doing. You wanna roll into retirement with a paid off crib and car, and low unleveraged debt or none at all.
Nailed it Joe. I do all that stuff. We have some one time expenses getting ready for retirement, but otherwise, expenses are low. No mortgage car payments or credit card balances. I’m a mechanical engineer like you
My wife and I are planning to retire at 62, and from your 4 list of things, I can check it all OFF (meaning no debts from anything). We knew this but thanks for the confirmation Joe!
I agree on all counts, Joe. Call me old fashioned! I wouldn’t dream of retiring with a house, car, or CC payment. 🥳 You’ll sleep better at night. As far as budgeting… You’re not ready for adulting if you don’t keep a budget. It’s an eye opening experience-keeping it in your head is not the same as a zero balanced budget.
I've usually considered the budget to be more of a beginner financial strategy, and certainly not a prerequisite for adulting. The anti-budget along with automating as much as possible has served me pretty well.
Medical insurance and health costs are a problem for many retirees. I retired at 47. I was only able to that once I realized I qualified for 100% disability from the VA which includes free medical care. I only have $150K in savings but I have over $10K a month coming in tax-free from pensions (and I still have one more pension and SSI to collect). I still have a large disposable income and have my car paid off and never carry cc debt. My monthly budget (including a low interest mortgage) is $2,500. I'll be 55 in a few months. My best advice to anyone wanting to retire is to do the actual math. Math will determine when and if you can retire.
Definitely agree with the credit card balances as being bad behavior, although I just can’t get on board with no mortgage or car loans, I’ve been averaging 9% on my investments over the last 15 years and have a small mortgage at 2.39% and a car loan at 2.99% We have plenty of excess monthly cash reserves and emergency funds in place, not counting the strong portfolio balances, we’re just not motivated to pay them off, they’re actually part of our monthly expense budget we’re doing great!
Exact same situation with us. CC debt is evil, but controlled debt (good mtg rate and lease/loan rates) within a budget, that should have been well thought out before flipping the switch, are fine with us and doing fine...
Yeah, like every vid out there, this one size fits all 'advice' has to be weighed against your personal situation. Whatever, take what you can use and leave the rest.
That’s if you stay in Your house for entirety of your mortgage term I.e 30 years, otherwise you have paid bulk of the interest in the first 10 years of the loan.
I think he's referring to the behavior of trading in and buying a new car every few years, which's completely not smart. You're constantly under water and having a never ending monthly payment that could be going into an IRA or retirement account instead.
I agree with financing a car because they now cost 30K-50K. I would rather keep that money invested so at the end of 4-5 years making payments I still have my money and then some. I've learned you need money to make money
I wholeheartedly agree with you. I retired at 55. Paid off my mortgage with a tax free lump sum. Pay off my credit card each month and budget for my routine and retirement pleasures such as trips abroad and golf club membership. I am now 64. Don’t leave retirement too late as you will inevitable get health problems sooner or later.
The mortgage question is more complicated. We are retiring as renters in a high cost of living locate and buying in a low cost of living area near family. Rent and utilities were 3000/mo; mortgage, taxes, and utilities are now 1700/mo with 50% down. Life is much easier.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
I retired at 57 with a large mortgage and $40k in credit card debt. I sold my house in a large NA city, moved an hour away, bought a house for less than half, paid everyone off, and banked the rest. My advice: if you are waiting to be out of debt before you retire; you never will retire. Your day-to-day expenses will be lower when you retire. No more restaurant meals, no commuting to work, no more clothes to buy. BTW...my pensions are $60k/year. No worries here.
Thank you...good reply. I agree with the credit card debt flag but it is unrealistic for everyone to be mortgage free when they retire. I can't tell you how many people I knew who put off retiring only to pass away working their butt off chasing the "perfect time" to retire. Retiring means downsizing for most. Do it as soon as you think you are able. Tomorrow is promised to no one.
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I just here for ideas
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
We were free and clear of all loans a few years before considering retirement. We always made a habit of paying credit cards in full, never carried a balance. The subject I never really hear discussed is how lives can go seriously sideways as we retire and get old. It pays to have financial stability and not have to worry about a house payment. Cancer, heart problems, dementia, etc, happen. A lot of bad stuff can happen without notice. I think it makes a huge financial and emotional benefit to eliminate debt other than typical monthly needs. Plus downsizing and getting rid of needless clutter helps make life simple for older people.
I'm 59 going on 60 this year. My husband is 62 going on 63. We both retired early. We made very significant lifestyle choices as well as family choices. We've been fortunate but also smart because we didn't have a lot when we were first married and we lived within our means. We learned this from both his parents and mine. We NEVER used credit cards early on unless we were able to pay off the balance in full. This probably stemmed from me having my appendix removed (in Cancun, Mexico) when we were on our honeymoon WAY back. Well, newsflash...they don't take Blue Cross insurance in Mexico, so we had to charge the whole thing on my credit card (which at the time was only $500 limit...I was in my 20's!!!) I had to get an emergency extension on my credit limit (which I seem to recall was running around 20% interest or so...) We were thankful that we had the money to pay off that debt ASAP (despite emptying our bank accounts). We've been diligent ever since. Thank you for this information. It is helpful.
People always want to live beyond their means. I'm so thankful I never cared about fancy clothing, the latest technology, a new car or the biggest house, which enabled me to retire more than seven years ago with zero debt, a paid for vehicle and paid off home. Living a frugal lifestyle has paid off in spades, IMHO.
Great points, we flipped a handful of houses on credit cards (now rentals) , finally zero’d out a handful of years ago. Used the low interest rates to remortgage our home to 10 years @2.5%, got solar loans, and a low interest loan to build a garage all scheduled to be paid off at age 59. Zero debt is going to be like flipping a switch. No more hustling month to month😅
Thanks for the wise and very practical information. People should also bear in mind that you can be forced into involuntary retirement at any time, such as a recession when you're laid off and every other company in your industry is dumping its people, when opportunities for re-employment are nil. Or, you could be incapacitated by injury or chronic illness. It's prudent to pay off your mortgage, autos, and credit cards as early as you can, and to live in as low-cost an area as you comfortably can, in case you have to weather an economic or physically incapaciting storm that could knock you out of the labor force for the rest of your life. I retired from full-time work in 2005 at 46, as did many of my colleagues, when our industrial economy was relocated overseas. Because I had prepared well for it in my 30s and early 40s I did not need to seek re-employment, which anyway was impossible from 2008 to about 2015 when the economy was decaying. Those days of economic turmoil will come again, we just don't know when. It is prudent to organize your life so that you can survive them if they come tomorrow. If they don't, you will have still have financial peace of mind.
Absolutely on point… I am nearing retirement and I am looking at the numbers and I to am concerned that I don’t have enough socked away… but I am optimistic that I will get there, the budget is going to have to be followed strictly, and I just don’t see retiring in the USA… I will definitely be watching closely, I really like your calm demeanor and your perspective…. Thank you…
Agree 100%. Retired 3 months ago with zero debt. We know a few other people who retired and ran out of money in a relatively short period of time simply because they could not control their spending. Bottom line: If you are the type of person who always has to keep up with the Joneses, you are probably going to struggle in retirement.
Retirement is all about freedom! However, it is your health that dictates how much freedom that you are going to have! True! Paying off your debts before you retire is important! During my final year of work we bought a new roof and furnace with money that we had set aside! Also purchased a new car that will be paid off in four years! My feeling was that it will be the last car, roof and furnace that I will ever own!
But, sometimes retirement gets thrust upon you. At the age of 61 I was called into my new boss’s office and told “we are going in a different direction “. Meaning we want someone younger and cheaper in your position. I tried to find another similar job and had two interviews. But neither resulted in an offer. Guess my gray hair didn’t impress them. So I’m retired now and doing fine.
Same thing happened to me this year at age 59. I was going to wait until 62 to retire so I could collect early SS, but things changed. I've been eliminating my hobby interests that are expensive, like cars and motorcycles. Focusing on gardening, which I love, and buying used books to read at the Goodwill. Best of luck to you--enjoy!
I like what I hear here; I'v been watching my finances for the past twenty five years; I have a credit card, but never borrow money on it; I have a mortgage; but I am confident my assets far exceed it. I have no other debts. But the best advice I seen on these sort of videos, is the time is the only thing that is limited; you can always get more money, but you cannot get more time; think about it if your retiring...don't wait too long...
I retired in 2012. In 2012 my monthly expenses (rent, food, utilities, insurance) was $1600 a month and now that exact same lifestyle, no debt, same apartment, same paid off truck, same monthly bills (rent, food, utilities, insurance) cost $3000 a month. $1600 a month rising 6% a year for 11 years = $3027, so average real inflation for last 11 years was 6%. Everybody planning for retirement needs to plan on 6% annual expense increases just to stay even. 6% compounded annually means that expenses double every 12 years (72 / 6 = 12). Retired persons need to grow their income during retirement. I personally live below my means, reinvest excess to grow income.
I'm so glad I attended a retirement seminar before retiring a bit early. And the instructors bought up the three points precisely...eliminate all debt and be sure any cars you own are fully paid off and if you own a house, be sure the mortgage is fully paid off. I am happily retired today and am completely debt-free. I also have a small 401K account which I gain a small amount of passive income from. I am far from wealthy, but I have all that I need. Yes, you _CAN_ retire well even if you don't make a high income. Don't let _anyone_ tell you that you "have to" be rich to retire well.
Great Video - I agree about no debt going into retirement. HOWEVER, when I retired, we had 3 more years to pay off the mortgage ($574/mo @ 3.7% - now 11 more months to go!). I took the leap because the poisoned environment I left - it wasn't worth it to hang in there for that time.
Sensible advice. I'm retired at 60, no credit cards, no vehicle loans, no mortgage and my partner and I have control over budgets. The children are all grown up and living independently. We live well but frugally, as in not wasting money on uneccessary crap. Hell, I'm trying to get rid of stuff not get more useless things! We like to have foreign holidays and weekends away, all do-able with a bit of forethought and planning. That's the real key I reckon. Love and peace.
Dang! I'm doing everything wrong! My health is horrible, two car loans, no mortgage (paid for mobile home, rental lot), no savings, home repair loan balance, balances on five credit cards and a FICO score of 750. Defined Benefit pension and Social Security for income. And, I'm doing better than ALL of my neighbors and family members. 82 yo neighbor who continues to work, recently had his nearly new pickup truck repossessed. My greatest current concern? Completely dysfunctional Medical System billing department. DEI is FAIL and highly stressful.
Appreciate this video and comments. Wasn't thinking of commenting until I read all the different experiences people have had. I'm 62 and have been told by my financial advisor I could retire. I have zero debt, with the exception of medical bills that came out of absolutely no where. I work hard at staying fit and active but had two medical events in the past couple years. These medical events have put me at a high risk insurance premium rate on the marketplace. I could pay off the medical bills but since the hospital doesn't charge interest I'm on a payment plan. Although I feel great, because of the medical uncertainty it's got me thinking I may need to work until 65 when I can get Medicare.
"Cannot Retire" feels too strong for me. I agree with proceed with caution if these 4 things exist - but everyone's situation is different. Some people don't need a budget because they've developed discipline over many years and their spending is well managed.
I'm pushing 70 and still work although assets are there to retire. If you want to stay, great. But make sure you're competent. Don't expect to get bailed out because you're senior. Stay in shape, be on time, carry your weight. Nobody owes you anything because you've stayed. Yesterday I worked 6 am to 9 pm.
49 and paying extra on the mortgage. Maxing my Roth and mortgage will be payed off in 5 years. I want zero debt the day I retire. The mortgage is the last of my debt. All of these were great advice. None of the things you mentioned were offensive.
I’m 61 and plan to work until I’m 70. I have a great job, no credit card debt and am mostly working to pay off my children’s college loans. I’m happy to do it and enjoy feeling productive and valued. Everyone’s situation is different.
I gave up on the idea of retirement when I was hit with a surprise divorce at age 58. Because I had to take out a new 30 year mortgage, and now carry both a car payment and the credit card balances I accumulated in the process of setting up an independent household (since the mortgage didn't leave enough equity to carry the other obligations). So, I have three of your 4 categories and the mortgage is impossible to resolve and the other two will also take some years to resolve. I will keep working as long as I can - which honestly is probably better for me mentally anyway.
One of the most common sense retirement video's on TH-cam! Unless you're going to take on part time work until the mortgage or vehicle loan is paid off. Well said Joe!
great advice... currently taking a gap year or two to unwind and refocus my quality of life... seems I hit all four of the red flags though I walk the fine line on the rationale you mentioned for each. While others tend to focus on what you need when you retire, equally important to understand what you should not be (in the way of financial habits)... While I considered these things from a general behavioral perspective I've not thought about them as a retirement planning gauge... will keep this in mind as continue on my path forward. Thanks!!
This was great ! I am 57 so happy to learn that common sense will lead to a good retirement my plan was to get out of debt as fast as possible before retirement similar to your plan I’m not a big spender I don’t have cable I’m pretty much a hermit so in the water bill is very low no mortgage
Good advice. We agree on 3 of four points. Our only “treat” we have is a car lease. We treat ourselves to a new car every three years. We might buy this lease out, but we’ll see. No other debt with a net worth of 1.2M (600k in 401K, 85k in cash, home value @ 550k. Our budget is under 3.5K/month and both SS checks (total) start in Sept 2023 @ $3675. I see no worries.
Nice balance sheet however the no mortgage still has taxes and insurance similar to a mortgage payment and unfortunately, the SS income is also taxable along with 401k distributions. Just saying that the "payment cycle " is not ocer yet and must have continued planning for success.
I lived with a budget for 50+ years so I don’t have to worry about my spending in retirement and after that long your spending becomes habit and you have to force yourself to spend on a “luxury”. Still have more money after 6 years of retirement than I started with and everything is paid for. Life’s good!
Hey Joe. Not offended, but for my situation, I disagree. A budget is of utmost importance, and while I've paid down quite a bit of my debt, I still violate the other 3 'traits'. Do I have a ton of money? No. But I have a cash reserve, a military pension, some investment income and about $4k in social security. So we live comfortably. But at 63, I needed to quit my very stressful job. I believe retirement is an individual decision. My situation is not ideal, but the debt will get paid off eventually, and it works for us. Thanks for all your insights. I do enjoy your videos and have learned alot.
All solid points. I'd add that, if one cannot pay cash for something desired, REconsider the purchase. The money you bank is not something you didn't buy. It's the insurance against the bad news you otherwise cannot afford, such as medical or family emergencies. Old age brings with it the deterioration of the body. you do not want to go back to work when you should be in your lazy days. Spending, instead of saving, is simply burning the candle from the other end.
Some friends of mine use to make fun of me for working a "real job" (working for L.A. County) while they travelled the world because you only live once. Well, I have it good now while they are struggling at not so great jobs with no benefits, nothing saved, and can't even afford having Internet service!
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I just turned 44 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $500k
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Many people often underestimate the effectiveness of a financial adviser in planning for retirement. Over the past 5 years, my FA has consistently restructured and diversified my portfolio and expenses, resulting in over $1 million in gains. While it might not seem like a huge amount, retirement now feels within reach.
Hello, I'm interested in trying this out. Who is your FA, I'm gasping for breath. Have been doing things myself but it's clearly not working
JUDITH LYNN STAUFER is who I work with. Have worked with her for about 5 years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thanks for sharing this. This is equally of great importance to me. Sent a message on her webpage, hopeful to get a feed back.Her credentials are superb.
I retired at 61 and am now 64. I pay my credit card off monthly. I bought a brand new car a little over a year ago and paid cash. I also don't have a mortgage. I have never lived above my means. Thanks so much for this video. Make me feel good.
I’m 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
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Great video Joe. Another factor to add: Do they spend a lot of time planning their financial future? I'm curious if people who went through the financial crisis in 2008 had an easier time than me right now. The stock market is making me really worried because I've lost over $ 27,000 in just this month and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.
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The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Could you recommend one?
The advisor that guides me is Sonya lee Mitchell, most likely the internet is where to find her basic info, just search her name, She's established.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?
‘’Marisa Michelle Litwinsky” just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
I appreciate this tip. It was easy to find your coach's webpage by looking up her name online, She seems proficient considering her resume.
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.
@@simonbad Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
@@AstaKristjan Who is your financial coach, do you mind hooking me up?
@@Erinmills98 The coach I use is actually quite known, Jennifer Puckett Hunter, she has a wide presence on the web, so you can just search her.
@@AstaKristjan She really seem to know her stuff. I found her online-page, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her.
I would be retiring or working less in 5 years, and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
At this moment, it is crucial for individuals to prioritize investing in alternative streams of income that are not reliant on the government, particularly with the existing worldwide economic crisis. Investing in stocks, gold, silver, and digital currencies can still be profitable during this period. Therefore, it is advisable to explore these investment options to secure one's financial future.
@@edelineguillet2121 Your money is stagnant when you save, I will advise you buy stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance of a broker or financial advisor.
@@bernisejedeon5888 Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
@@valeriepierre9778 Julia Ann Finnicum”is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@bernisejedeon5888 Thanks for sharing this.I just looked her up on the web and your advisor looks advanced and experienced. I will write her an e-mail shortly.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@tommychestnut5335 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
@@tommychestnut5335 please how can i find the lady you mentioned'?
@@instinctively_awesome8283 Most likely, you can find her basic information online; you are welcome to do further study.
I'm 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with at least $3million by, the market up and down is not helping at all.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
How can one find a verifiable expert advisor ? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Lisa Ann Moberly a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I usually don't do well with online recommendations, but this Lisa Ann Moberly advisor seem to know her stuff, just went through her website and I booked an appointment.
Don’t feel like Lone Ranger on stupid or lack of moves! I’ll be ok, however had I played my cards differently I’d be retired! Definitely have my Son on the train track after pounding it for 5 yrs…401K & Roth calculators are great easy to understand tools
Interesting video. However, considering that I will be turning 55 in October, I have limited time for Fin. market exploration. I am seeking ideas and suggestions on which investments to acquire in order to prepare for retirement. This is particularly important given the potential threat of inflation. My goal is to accumulate at least $5 million by the time I reach 65.
I completely agree with you! Having an investment adviser is definitely the way to go, especially for people who are nearing retirement. I've actually been working with a coach for a while now because I personally don't have the in-depth knowledge or mental strength to handle these market conditions on my own. Before, my portfolio used to fluctuate a lot, but over the past couple of years, I've been consistently growing my profits. It's gone from $500k to $1.4 million!
Oh, my advisor is actually pretty well-known! It made it much easier for me to get in touch with her. Her name is 'Sharon Kay Hanna', and she has a web presence, so you can easily find more information about her by doing a quick search.
SCAM ALERT!!!!
Keep 4 to 5 years cash. Rest invest in a S&P 500 ETF or a growth ETF. If market goes down you have the cash to live on. You also maximize your return with rest of your portfolio.
@@jeffrosati2570 an yet you did not down vote any of the scammer's comments.
Retirees facing financial challenges often couldn't save enough during their working years. Retirement decisions play a pivotal role. Despite my parents having similar years in civil service, my mom invested with a wealth manager, while my dad relied on his 401(k). As a result, my mom retired with approximately 3.7 million, whereas my dad retired with around 1.4 million
Millions? Really? 1.4 mil is less favorable than the multi millions your mom amassed?
Okie dokie then. Unrealistic for someone who has been living in the mid/low income bracket all her life. And not sue to overspending or not working.
So, not all of us have the ability to save or invest. But thanks for sharing.
It's unfortunate that many lack this information. I understand why people might panic. The lack of knowledge can be a significant obstacle. Personally, I've been generating over $33k passively through investments with an advisor, requiring minimal effort. Regardless of economic conditions, skilled wealth managers consistently yield returns.
I believe it's something I should pursue, but I've been procrastinating for a while. I'm uncertain about which firm to choose; they all seem similar to me.
Both are blessed, as are you.
SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM
I'm 55 and never owned a credit card, no car payments. I own my home outright and can survive easily on $1500/month.
I retired at 55, with no debt. It's been 18 months, and I thank God all the time for helping me get to this point.
Where do you live?
@@wpujones in the southern thumb of Michigan
@@wpujones Nevada by Carson City
Need a CC
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
Well, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since COVID. Personally, I garner knowledge from a brokerage Adviser whom I work with, and I've actually made over $350K with their help since February. Very effective defensive strategies are used to protect my portfolio and make profits despite the ups and downs.
@@LagerthaJackson I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I don't think too much growth is one of our problems, quite the contrary
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
Law of diminishing returns at best in stocks. My crystal ball sucks but I know when a balloon is severely overinflated. 🎈
Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock.
Most people do not understand the power of compound interest or are just impatient. However, for the average Joe, I think it's better to invest in the S&P 500 and wait, which is reliable, albeit extremely long: many years, or just use an investment advisor and speed up your wealth creation. Most people underestimate the power of the latter.
@@glenbert1396 I agree with you. I started investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money with an investment advisor and in seven months raised almost $873,000.
@@baileymclean8186 Any chance you can recommend who you work with for those of us who want to make the right plays now and be better positioned for a healthy retirement?
@@kansasmile Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "JILL MARIE CARROLL" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
All scammers
The most admirable quality I have seen of people heading towards retirement is that they mention sacrificing and living within their means. The earlier in life one learns this lesson the better it is.
You are so correct
credit cards are the devil
and the devil needs to vo back to his own home
and leave all us alone
.
I help all I can to escape from his traps & kick him out
to see the people rejoice
at
no monthly bills !!!
(throwing $ in the trash = to the wolves)
They have ao much more spenfing $ now. Yeah.
It's awesome. : )
Getting rid of crazy expenditures = $200 att phone
$250 plus cable
That's thousands of $ yearly for their wishes
instead of a stupid unnecessary bill
The sooner one starts to live below their means the better, but it is never too late to start. You might not totally fix past mistakes, but you can improve things a lot.
If you're single, when you die what you owe isn't anyone you care abouts' problem.
What’s the point of being able to travel anywhere if you don’t have the energy to climb hills or you can’t eat food that upsets your stomach. Living on dull meals and staycations to achieve a secure retirement isn’t worth it if you never can fully enjoy life at any point. None of you have my memory of staying at the Essex House in NYC for a big Broadway opening and seeing the valet bring our Jaguar to the front of the hotel. I loved that car for ten years. But I bought it two years old and half off on eBay. I could have saved more money but I almost died two years ago so I am not sweating it. I have retired but I am still working and I love what I do. I buy and sell antiques. Life is a treasure hunt. I am happy with my choices and my memories. Make sure you can say the same thing. Living in The Villages debt free and planning the next pickle ball tournament sounds like the third circle of hell to me.
We planned to retire in our 50's and began growing net worth in our mid-20's, Eliminating debt was a priority, The formula was simple: live beneath our means, save/invest.
We became debt free in our 40's and fully retired in our 50's. We mostly kept quiet until retirement after raising 5 kids - all offered the opportunity for college. People were shocked. Today, we're pushing age 60 - fully retired and loving the life of security and abundance.
In spite of how everyone is frightened and calling the crash, there is already an excessive amount of demand waiting to absorb it, which is another reason it's less likely to happen that way. This forecast was not made in 2008, at least not by the general public, as I will explain below. The ownership rate peaked in 2004, according to the other comment. We reached a peak in the second quarter of 2020 and are currently at the median level. From 2008 to 2012, it fell by 3%, and in the second quarter of 2020, it dropped from 68 to 65.
Because they are used to bull markets, most people find it difficult to handle a decline, but if you know where to search and how to get around, you can make a sizable profit. It depends on how you plan to enter and leave.
@@AshtonGrace My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
@@AshtonGrace I just copied and pasted Maria Teresa Tyler’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
Obvious planned thread with Q and A
You can retire if you don't have too many children, a high mortgage, car payment, or high credit card. I don't have a million dollars or 401k. What I have is 2 lifetime health insurance, 2 lifetime retirement from military and VA. 😂
If you are not disciplined with money, you cannot retire. Great video. These 4 common things are common sense which many people lack.
According to the New York Times, the average savings of a couple reaching retirement is $110k I’m closing in on my retirement and I’m under pressure to grow my reserve of $330k, despite the fact the capital gains you can make on growth stocks far outweigh dividend yields, and even in downtrends folks still pull off 6-7figures gains in months. surely the risk is much greater, but I’d love to know how.
I see no other way to maneuver, profit and steer off losses in this present market except with the aid of a coach.
there're tons of avenues to capitalize on in a downtrend to make substantial gains, but these opportunities and trades are successfully carried out by pros.
Thanks a lot! i got all i needed to know about returns on investment plans
My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast, hence i will suggest you get yourself a financial-advsor.
Don't retire if;
1) you have multiple credit cards with large balances on them.
2) Car/truck loans.
3) Mortgage payments.
4) You have no budget in place.
The mortgage is the big one. Get that paid off and you’ve got an asset that could potentially fund your retirement if you needed to sell it off. Get ridecof mortgage payments as soon as you can and that’s probably your largest outgoing bill removed from your monthly payments.
I have no credit cards. No car. Paid for home cash on day 1 years ago. Semi-retired from age of 43.
And he didn't even say "multiple" cards with "large" balances. He said "any" credit card debt.
@Bob31415 I have 1, I pay the balance off at the end of every month to keep the interest rate 0%. If I had more, I couldn't do that. Hence, I edited in "multiple"
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?
Glad to hear from another buckeye! comfortable retirement depends on your lifestyle...
would get money management just in case. You’re only 55. I think the average life expectancy in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!
@SlowrideHome91Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Thank you for sharing, I must say, Jennifer appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
Get advise!
This man knows what he is talking about and I hope that everyone watching this really LISTENS to him. Well done sir, and thank you!
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,
@CLARA22123 true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
@@Tsunaniis-j5l Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@@Aziz__0 I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@@Tsunaniis-j5l Thanks a lot for this. I really needed the recommendation, and I would love to move my funds from an existing mutual fund. I'll check her.
What value will gold have if the economy is absolutely tanked? Gold is not valuable because it's pretty to look at.
I'm 72 and my mortgage is paid, I have no credit card debt and owe about 4K on two cars that will be paid off by 1/24. I keep them in tip top shape by following the maintenance standards that my mechanic tells me. For the past 10 years I have allocated 3-4K in home repairs per year. It's important to not let the condition of your home get away from you.
Excellent video and I agree on what was put forward.
I retired at 57. My wife and I saved and invested early allowing me to exit the workforce when I did. House is paid off, kids college tuitions fully funded, have two late model cars fully paid off, travel extensively and do not foresake anything we need. We are not special and believe most people can do this with the appropriate level of planning and discipline.
The key message I would communicate to others is don't delay retirement if you have the financial wherewithal to do so. Too often I have seen many people delay retirement and then experience health issues which constrain the very things they wanted to do post-retirement. Moreover, the most significant benefit of retirement for me is that I know longer have to deal with people I do not want to. That has proved to be the ultimate blessing.
Agree with not having to deal with people. Retire sooner, live simple and low stress. I’m targeting 57 as well
@@paulcastillo4587 good for you Paul. Sounds like you made a right number of decisions over the long term that led to a successful outcome. Best to you and your family.
The current downturn in the market and the surge in inflation are causing me concern regarding my retirement plans. Despite these obstacles, I recognize that investing is a prolonged endeavor, and I'm maintaining my concentration on the future.
Generating significant proceeds, especially during a bear market, requires the implementation of sophisticated actions, which are most effectively carried out by experienced connoisseurs in the market.
That's quite remarkable! I could certainly benefit from the knowledge and guidance of such guides.
Stacey appears to be really knowledgeable. Her resume, educational history, and qualifications were all quite good when I found her internet page. She will act in my best interests because she is a fiduciary. I thus scheduled a session with her.
Scam thread! Please be aware!
Retire when there is something meaningful to retire to......
Quit working is something special...
I love my career and enjoy working. Why retire? Those obsessed with retiring always seem to be the "glass-is-half-empty" thinkers. There is more to life than a bucket of money.
*I'M 50 YEARS AND I RETIRED AT 47. I WAS ABLE TO DO THIS BECAUSE I UNDERSTAND FOUR PRINCIPLES OF FINANCIAL PLANNING SUCCESSE THINK LONG TERM WITH GOALS AND INVESTING. SPEND LESS THAN YOU EARN. MAINTAIN LIQUIDITY(AN EMERGENCY SAVINGS) MINIMIZE THE USE OF DEPT*
Real fact I had a business preposition that turned out to be a mess due to that I feel into huge debt with words I realized I needed an investment expert. Like a pro to give me better guide on how to a begin a successful investment. I'm also open to good recommendations
Amazing to see here who invested with Mrs Ava Harry too, I also trade with her I get to earn biweekly trading income of by $45k pioneered
Ava Harry's concept is key in beating all odds to excel in the form of online commodity,Her management team is quite impressive so far! With $5k I have made a profit of over $50k
My first investment with Ava trading platform gave me a profit of over $15,000 ever since then she have been managing my portfolio so well.
Telegram
I turn 62 in one week. My family is not particularly known for longevity. No credit cards. I got a modest inheritance a couple of years ago that can pay off my mortgage and car payment, leaving me to survive on my modest 401K earnings and a decent SS payment. I live in a rural area with a low cost of living. I've crunched the numbers and they are tight but positive and would improve when I become eligible for medicare at 65. Management changes at the corporate level making my work life miserable have me itching to retire. But... I keep telling myself soon, soon, but not today.
Nah, wait until you are 67. It's only a few more years and you will make upward of 30% more in SS payments. When you reach 67, you'll regret not having worked those 5 years.
I've recently divorced, recently retired and just watched this video. This advice is spot on. I have no loans, no mortgage, live within my means. And I'm having a wonderful time finding out who I am. Love it! Exciting times....
I retired this year. The best advice I could recommend is pay off as much as you can (home, auto). So many things are out of your control like taxes and insurance
Thank you. Very eye opening. I'm 60 and I have all the red flags that you mentioned. Thanks again.
Words of wisdom. I’ve carried CC debt for many years. Was debt free in 2018 and ran up cards again until paid off half in June 2022 and then finally all paid off in Jan 2023. Embarrassing to say how much debt it was nTurned 59 last month and can’t retire until at least 62 but projected to be 64 1/2.
Definitely a behavioral issue, wanting stuff “now”, living above my means and running a CC balance month after month.
Thank god I have north of $430k in my TSP, a pension that will pay about $5500 a month gross by end of 2029, and SS and can now begin to save money over next 5 years until I retire debt free. Have a mortgage but my biggest obstacle way getting rid of CC Debt and that behavior is in the rear view mirror!!
For me, expense tracking is key. This is not the same as a budget. With expense tracking, I know what I'm spending on average over the past 6 to 12 months in each category (food, electricity, gasoline, etc.), and this helps me see where I'm at in terms of cash flow. It also shows where I am spending too much (restaurant meals, for example) and where I could make adjustments.
@jodylarson4697 Totally agree. I’ve been using quicken for decades to track every transaction coming in and going out across all my accounts, it gives me a comprehensive overview of everything related to my finances and I make adjustments when I see that I might be spending a little too much in one area or another.
Why do you need a tracker.. It is your own life - and you know exactly what you are doing, also with your money. A tracker does NOT affect that.
A budget is just a reference to me on paper to help my mind tracking expense.
@@andersnielsen6044 WHAT SOME PEOPLE DON"T EVEN KNOW HOW MUCH MONEY THEY HAVE EACH MORNING!!!! FOR SOME OF US TRACKING AND BUDGETING IS NOT NESESSARY FOR OTHERS THEY CAN'T GO WITHOUT IT!!! People are just too different to expect them to all need or not need something..... just not that simple.
@@donaldlyons17 You are right. Some are responsible and accountable adult human beings - Some is just not.
I agree 100%… One thing I did when I was working out if I could retire was that I looked back at what I had been spending, and how I had been spending it for the previous 2 years… Then I looked at my projected income to see if that would cover my costs plus plus… I wanted money for my go-go years and my slow-go years and then what’s left will be fine for my no-go years… Great sense as always Joe..
Very good advice. I’m 56 and hoping to retire at 62. Have to pay off my mortgage before then. 😢
Great video. Before I retired, we paid off all credit cards and right after I retired, we sold my commuter hybrid to Carvana for a couple thousand more than I owed on it. The only thing we chose not to do was pay off the mortgage. We have 2.75% and we're choosing not to deplete our investments. We relocated a number of times over the years and had bad market timing with price dips, so never got to the point of paying off a house. We also put 5 kids through college, which definitely diverted potential mortgage payoff funds.
We decided to take out a mortgage 8 years ago to get a steal of a place on a beautiful lake. 65 now and still have mtg but the enjoyment of living here is priceless. Planning to retire this year and will still be paying my mtg but can handle it. If need be will sell, other places on the lake are up 70% at least.
Thanks for your words of wisdom. I am 60 and have been an automotive tech for 40 yrs. My body is getting tired! Your advice is spot on! 7 months left on the car loan, doubled up on mortgage payments, whittling out the credit cards. I am hoping to retire at 62, but health insurance is my only obstacle. I might have to last until 65. Your videos have given me guidance and are allowing me to look forward to my retirement years.
Obamacare ftw
Yes, take a close look at ACA, with the current subsidies under the secure act, it is very affordable. No need to work till 65 if you don’t want or have to.
If your mtg balance and the rate is low, doubling up might be more self pain than you need to cause yourself. Good to get it paid off. But you may be better served to just make your regular payment and add the extra to a high interest savings account. I'm getting 3.7% at Capitol One. And have a cd of over 5%. My mtg is paid and no other debt. Best of luck and sounds like you'll get there. Having a plan and determination is huge!
I retired at 63, health care thru the ObamaCare system. There is a maximum amount of "adjusted gross income" allowed. It was a very "do-able" amount for us, and that was my last reason for working. I'm almost 5 years in now, and am so very happy to be done with the crazy work world.
Healthcare is not even a consideration in the rest of the developed world, as it's all free (or more accurately, has already been paid for over your working life).
Always live lower than you think you need to…
Do not want what others have and never compare them to you.
Find someone or something that makes you happy and keep it simple.
Happiness is the key to never having to worry about retirement.
Retirement is for people that never really found what they liked to do.
If you like what you are doing, you will never want to retire from it.
I agree with all of this. We've been retired for 5 years now and have had no mortgage, credit card debt, car payments for several years before retiring. One of the biggest moves, however, was reducing our property tax burden from 15 thousand $ annually to 15 hundred $. We left NJ and moved to rural NC. That's a huge chunk of change per month. You develop new interests and no longer need NYC and all the entertainment that goes along with living in that mecca.
You are spot-on. It is amazing what people think they could possibly do financially even though they are so under-funded and under-prepared.
1. Credit card debt. Agreed.
2. Car payment. Depends. It may be their last car. If so. Ok.
3. Mortgage. If its low interest and low payment. Ok.
4. Budget. Most important. And a budget on a piece of paper is not enough. It should be a spread, managed daily and monthly. And should have controls. And you should be within budget. Else no point.
5. Healthcare plan.
6. Long term care.
7. A will or living trust.
Thanks for the video. ❤❤❤
Great content additions. Thanks.
Health care is the killer
Why is a mortgage ok if interest is low, I am semi retired, work part time, not out of need, but to keep busy, I prefer not to have a mortgage, I have been in my house long enough that one of my SS check can pay my property taxes for the year, and have a few hundred dollars left over.
Hi Joe, thanks for the video. When I saw the title, I was already thinking about what I was going to write in this comment section. But you covered the majority of what I was thinking about, and if I may, I can put it how I think is simple enough for most to understand.
1. How much do you plan on having come in every month? Most will have at least one of these to retire on; Social Security, Pension, IRA / 401k.
2. What will your outgoing money look like every month? Will one, two, or all three of those income sources cover everything?
I retired two years ago in March at 59. I have only been drawing my pension for these two plus years, but I will be filing for early Social Security at the end of this year. I do not have a mortgage, a car payment, or credit card debt. The only things I pay monthly are car insurance and my cell phone plan, which includes home internet and a streaming service in the plan.
This doesn't even take into account my 401k-turned-IRA. That will be later on, maybe at 65, when I start taking distributions. I have no health issues and plan on a long retirement, so taking Social Security early is a no-brainer for me. I will definitely be enjoying my money early, as who knows what is going to happen 8 to 10 years from now with Social Security, if it is there at all.
I’m retired, cars (2) paid off…so these two vehicles are supposed to last me the rest of my life? I can never replace them? Dang…
I worked as a carer and met some wonderful older adults. One lady I will always remember. She was smart, friendly, a good all rounder and quite well off. She lost her husband and then volunteered at a charity shop and by the time I met her she had filled her house, all over with 'stuff'. We talked alot about her life, her husband and her daughter. At 92, physically slow and using sticks, she managed to still live alone. She said if her legs were still strong she would spend all her money on cruises. She would cruise all over the world and spend all her money, and at the end, after seeing everything, she asked me what I thought she would do next, and before I could answer she said "I would jump off". I laughed so much. Three years later you may not be still with us Nona, but I will never forget you. Xx
I think you made some great points. I would also advise anyone in their late forties to mid fifties... do NOT buy a boat. Or a Harley. Or a plane. Or a cabin out at a lake somewhere. My ex girlfriend was an accountant doing rich peoples taxes, and she would scream at them to UNLOAD THAT BOAT! Just sell it. Expensive hobbies can break people-- even smart, high earning people who have thought all their lives that they knew what they were doing. You wanna roll into retirement with a paid off crib and car, and low unleveraged debt or none at all.
Dave Ramsey course set us right, and enabled us to retire comfortably, and within our means. You are.sending the correct message. Prep is essential.
Nailed it Joe. I do all that stuff. We have some one time expenses getting ready for retirement, but otherwise, expenses are low. No mortgage car payments or credit card balances. I’m a mechanical engineer like you
My wife and I are planning to retire at 62, and from your 4 list of things, I can check it all OFF (meaning no debts from anything). We knew this but thanks for the confirmation Joe!
I agree on all counts, Joe. Call me old fashioned! I wouldn’t dream of retiring with a house, car, or CC payment. 🥳 You’ll sleep better at night. As far as budgeting… You’re not ready for adulting if you don’t keep a budget. It’s an eye opening experience-keeping it in your head is not the same as a zero balanced budget.
I've usually considered the budget to be more of a beginner financial strategy, and certainly not a prerequisite for adulting. The anti-budget along with automating as much as possible has served me pretty well.
Very well said and I’m glad that I follow these guidelines . No debt at 59 now and cruising toward retirement 👍
Medical insurance and health costs are a problem for many retirees. I retired at 47. I was only able to that once I realized I qualified for 100% disability from the VA which includes free medical care. I only have $150K in savings but I have over $10K a month coming in tax-free from pensions (and I still have one more pension and SSI to collect). I still have a large disposable income and have my car paid off and never carry cc debt. My monthly budget (including a low interest mortgage) is $2,500. I'll be 55 in a few months. My best advice to anyone wanting to retire is to do the actual math. Math will determine when and if you can retire.
Great comments. I know not everyone agrees with Dave Ramsey on "no debt" but you get peace of mind along with it.
Definitely agree with the credit card balances as being bad behavior, although I just can’t get on board with no mortgage or car loans, I’ve been averaging 9% on my investments over the last 15 years and have a small mortgage at 2.39% and a car loan at 2.99%
We have plenty of excess monthly cash reserves and emergency funds in place, not counting the strong portfolio balances, we’re just not motivated to pay them off, they’re actually part of our monthly expense budget we’re doing great!
Exact same situation with us. CC debt is evil, but controlled debt (good mtg rate and lease/loan rates) within a budget, that should have been well thought out before flipping the switch, are fine with us and doing fine...
Yeah, like every vid out there, this one size fits all 'advice' has to be weighed against your personal situation. Whatever, take what you can use and leave the rest.
That’s if you stay in Your house for entirety of your mortgage term I.e 30 years, otherwise you have paid bulk of the interest in the first 10 years of the loan.
I think he's referring to the behavior of trading in and buying a new car every few years, which's completely not smart. You're constantly under water and having a never ending monthly payment that could be going into an IRA or retirement account instead.
I agree with financing a car because they now cost 30K-50K. I would rather keep that money invested so at the end of 4-5 years making payments I still have my money and then some. I've learned you need money to make money
I wholeheartedly agree with you. I retired at 55. Paid off my mortgage with a tax free lump sum. Pay off my credit card each month and budget for my routine and retirement pleasures such as trips abroad and golf club membership. I am now 64. Don’t leave retirement too late as you will inevitable get health problems sooner or later.
The mortgage question is more complicated. We are retiring as renters in a high cost of living locate and buying in a low cost of living area near family. Rent and utilities were 3000/mo; mortgage, taxes, and utilities are now 1700/mo with 50% down. Life is much easier.
Nice fresh perspective. Just met with our financial people. Key factor...contentedness with no debt, owning modest things.
It depends on your health if you can work. Medicare isn't until 65. Health insurance is a huge issue.
This is the biggest wildcard in my early retirement budget. The other stuff is easier to predict or control.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
I retired at 57 with a large mortgage and $40k in credit card debt. I sold my house in a large NA city, moved an hour away, bought a house for less than half, paid everyone off, and banked the rest. My advice: if you are waiting to be out of debt before you retire; you never will retire. Your day-to-day expenses will be lower when you retire. No more restaurant meals, no commuting to work, no more clothes to buy. BTW...my pensions are $60k/year. No worries here.
Thank you...good reply. I agree with the credit card debt flag but it is unrealistic for everyone to be mortgage free when they retire. I can't tell you how many people I knew who put off retiring only to pass away working their butt off chasing the "perfect time" to retire. Retiring means downsizing for most. Do it as soon as you think you are able. Tomorrow is promised to no one.
People retire debt free, I know I did.
@@irishjoe5868 Thank-you i needed to hear that
The guy took 7 minutes to say “avoid debt”
perhaps 8 :)
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I just here for ideas
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
“Natalie Marie Gentry” is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
We were free and clear of all loans a few years before considering retirement. We always made a habit of paying credit cards in full, never carried a balance. The subject I never really hear discussed is how lives can go seriously sideways as we retire and get old. It pays to have financial stability and not have to worry about a house payment. Cancer, heart problems, dementia, etc, happen. A lot of bad stuff can happen without notice. I think it makes a huge financial and emotional benefit to eliminate debt other than typical monthly needs. Plus downsizing and getting rid of needless clutter helps make life simple for older people.
I've been retired for 3 years now and living on a modest amount. It's working fine but it's CRUCIAL not to carry debt.
Absolutely. Liked and subscribed too fellow vloggers here. I’m sharing my own thoughts and vlogs about my retirement very soon.
We retired with a car loan, nothing else. We drive our cars until the wheels fall off. It has not been a problem at all.
Well done
I'm 59 going on 60 this year. My husband is 62 going on 63. We both retired early. We made very significant lifestyle choices as well as family choices. We've been fortunate but also smart because we didn't have a lot when we were first married and we lived within our means. We learned this from both his parents and mine. We NEVER used credit cards early on unless we were able to pay off the balance in full. This probably stemmed from me having my appendix removed (in Cancun, Mexico) when we were on our honeymoon WAY back. Well, newsflash...they don't take Blue Cross insurance in Mexico, so we had to charge the whole thing on my credit card (which at the time was only $500 limit...I was in my 20's!!!) I had to get an emergency extension on my credit limit (which I seem to recall was running around 20% interest or so...) We were thankful that we had the money to pay off that debt ASAP (despite emptying our bank accounts). We've been diligent ever since. Thank you for this information. It is helpful.
People always want to live beyond their means. I'm so thankful I never cared about fancy clothing, the latest technology, a new car or the biggest house, which enabled me to retire more than seven years ago with zero debt, a paid for vehicle and paid off home. Living a frugal lifestyle has paid off in spades, IMHO.
Great points, we flipped a handful of houses on credit cards (now rentals) , finally zero’d out a handful of years ago. Used the low interest rates to remortgage our home to 10 years @2.5%, got solar loans, and a low interest loan to build a garage all scheduled to be paid off at age 59. Zero debt is going to be like flipping a switch. No more hustling month to month😅
Thanks for the wise and very practical information. People should also bear in mind that you can be forced into involuntary retirement at any time, such as a recession when you're laid off and every other company in your industry is dumping its people, when opportunities for re-employment are nil. Or, you could be incapacitated by injury or chronic illness. It's prudent to pay off your mortgage, autos, and credit cards as early as you can, and to live in as low-cost an area as you comfortably can, in case you have to weather an economic or physically incapaciting storm that could knock you out of the labor force for the rest of your life. I retired from full-time work in 2005 at 46, as did many of my colleagues, when our industrial economy was relocated overseas. Because I had prepared well for it in my 30s and early 40s I did not need to seek re-employment, which anyway was impossible from 2008 to about 2015 when the economy was decaying. Those days of economic turmoil will come again, we just don't know when. It is prudent to organize your life so that you can survive them if they come tomorrow. If they don't, you will have still have financial peace of mind.
Absolutely on point… I am nearing retirement and I am looking at the numbers and I to am concerned that I don’t have enough socked away… but I am optimistic that I will get there, the budget is going to have to be followed strictly, and I just don’t see retiring in the USA… I will definitely be watching closely, I really like your calm demeanor and your perspective…. Thank you…
Agree 100%. Retired 3 months ago with zero debt.
We know a few other people who retired and ran out of money in a relatively short period of time simply because they could not control their spending.
Bottom line: If you are the type of person who always has to keep up with the Joneses, you are probably going to struggle in retirement.
Retirement is all about freedom! However, it is your health that dictates how much freedom that you are going to have! True! Paying off your debts before you retire is important! During my final year of work we bought a new roof and furnace with money that we had set aside! Also purchased a new car that will be paid off in four years! My feeling was that it will be the last car, roof and furnace that I will ever own!
But, sometimes retirement gets thrust upon you. At the age of 61 I was called into my new boss’s office and told “we are going in a different direction “. Meaning we want someone younger and cheaper in your position. I tried to find another similar job and had two interviews. But neither resulted in an offer. Guess my gray hair didn’t impress them. So I’m retired now and doing fine.
Same thing happened to me this year at age 59. I was going to wait until 62 to retire so I could collect early SS, but things changed. I've been eliminating my hobby interests that are expensive, like cars and motorcycles. Focusing on gardening, which I love, and buying used books to read at the Goodwill. Best of luck to you--enjoy!
@@westhavenor9513 The other thing that bugs me about this, is that my company did hire a young woman to take over my position. She only lasted a year.
I like what I hear here; I'v been watching my finances for the past twenty five years; I have a credit card, but never borrow money on it; I have a mortgage; but I am confident my assets far exceed it. I have no other debts. But the best advice I seen on these sort of videos, is the time is the only thing that is limited; you can always get more money, but you cannot get more time; think about it if your retiring...don't wait too long...
I retired in 2012. In 2012 my monthly expenses (rent, food, utilities, insurance) was $1600 a month and now that exact same lifestyle, no debt, same apartment, same paid off truck, same monthly bills (rent, food, utilities, insurance) cost $3000 a month. $1600 a month rising 6% a year for 11 years = $3027, so average real inflation for last 11 years was 6%. Everybody planning for retirement needs to plan on 6% annual expense increases just to stay even. 6% compounded annually means that expenses double every 12 years (72 / 6 = 12). Retired persons need to grow their income during retirement. I personally live below my means, reinvest excess to grow income.
I'm so glad I attended a retirement seminar before retiring a bit early.
And the instructors bought up the three points precisely...eliminate all debt and be sure any cars you own are fully paid off and if you own a house, be sure the mortgage is fully paid off.
I am happily retired today and am completely debt-free.
I also have a small 401K account which I gain a small amount of passive income from.
I am far from wealthy, but I have all that I need.
Yes, you _CAN_ retire well even if you don't make a high income.
Don't let _anyone_ tell you that you "have to" be rich to retire well.
Congratulations
@@joekuhnlovesretirement:
Thanks.
Great Video - I agree about no debt going into retirement. HOWEVER, when I retired, we had 3 more years to pay off the mortgage ($574/mo @ 3.7% - now 11 more months to go!). I took the leap because the poisoned environment I left - it wasn't worth it to hang in there for that time.
Well played
Sensible advice. I'm retired at 60, no credit cards, no vehicle loans, no mortgage and my partner and I have control over budgets. The children are all grown up and living independently.
We live well but frugally, as in not wasting money on uneccessary crap. Hell, I'm trying to get rid of stuff not get more useless things!
We like to have foreign holidays and weekends away, all do-able with a bit of forethought and planning. That's the real key I reckon.
Love and peace.
Dang! I'm doing everything wrong! My health is horrible, two car loans, no mortgage (paid for mobile home, rental lot), no savings, home repair loan balance, balances on five credit cards and a FICO score of 750. Defined Benefit pension and Social Security for income. And, I'm doing better than ALL of my neighbors and family members. 82 yo neighbor who continues to work, recently had his nearly new pickup truck repossessed. My greatest current concern? Completely dysfunctional Medical System billing department. DEI is FAIL and highly stressful.
Wait, you’re talking about what appears to be a lifetime of decisions… but you’re blaming it on DEI???
@@gregsalter DEI overwhelms the medical industry. Most people won't be able to retire due to DEI....
@@JobyJoby-iw2wr Wow, that's... that's a heck of a stretch. But if you really want to blame DEI on your financial situation... go for it.
Appreciate this video and comments. Wasn't thinking of commenting until I read all the different experiences people have had. I'm 62 and have been told by my financial advisor I could retire. I have zero debt, with the exception of medical bills that came out of absolutely no where. I work hard at staying fit and active but had two medical events in the past couple years. These medical events have put me at a high risk insurance premium rate on the marketplace. I could pay off the medical bills but since the hospital doesn't charge interest I'm on a payment plan. Although I feel great, because of the medical uncertainty it's got me thinking I may need to work until 65 when I can get Medicare.
"Cannot Retire" feels too strong for me. I agree with proceed with caution if these 4 things exist - but everyone's situation is different. Some people don't need a budget because they've developed discipline over many years and their spending is well managed.
Red flags not “cannot retire “. Thumbnail is for clicks
I'm pushing 70 and still work although assets are there to retire. If you want to stay, great. But make sure you're competent. Don't expect to get bailed out because you're senior. Stay in shape, be on time, carry your weight. Nobody owes you anything because you've stayed. Yesterday I worked 6 am to 9 pm.
49 and paying extra on the mortgage. Maxing my Roth and mortgage will be payed off in 5 years. I want zero debt the day I retire. The mortgage is the last of my debt. All of these were great advice. None of the things you mentioned were offensive.
Excellent advice, to be honest best short list with huge impact for those interested in retirement, thank you for pushing the right information
Joe , those are some astute observations. Especially the cc balances. If you cannot control your expenses your retirement ship will be sunk.
I’m 61 and plan to work until I’m 70. I have a great job, no credit card debt and am mostly working to pay off my children’s college loans. I’m happy to do it and enjoy feeling productive and valued. Everyone’s situation is different.
I gave up on the idea of retirement when I was hit with a surprise divorce at age 58. Because I had to take out a new 30 year mortgage, and now carry both a car payment and the credit card balances I accumulated in the process of setting up an independent household (since the mortgage didn't leave enough equity to carry the other obligations). So, I have three of your 4 categories and the mortgage is impossible to resolve and the other two will also take some years to resolve. I will keep working as long as I can - which honestly is probably better for me mentally anyway.
One of the most common sense retirement video's on TH-cam! Unless you're going to take on part time work until the mortgage or vehicle loan is paid off. Well said Joe!
great advice... currently taking a gap year or two to unwind and refocus my quality of life... seems I hit all four of the red flags though I walk the fine line on the rationale you mentioned for each. While others tend to focus on what you need when you retire, equally important to understand what you should not be (in the way of financial habits)... While I considered these things from a general behavioral perspective I've not thought about them as a retirement planning gauge... will keep this in mind as continue on my path forward. Thanks!!
This was great ! I am 57 so happy to learn that common sense will lead to a good retirement my plan was to get out of debt as fast as possible before retirement similar to your plan I’m not a big spender I don’t have cable I’m pretty much a hermit so in the water bill is very low no mortgage
Good advice. We agree on 3 of four points. Our only “treat” we have is a car lease. We treat ourselves to a new car every three years. We might buy this lease out, but we’ll see. No other debt with a net worth of 1.2M (600k in 401K, 85k in cash, home value @ 550k. Our budget is under 3.5K/month and both SS checks (total) start in Sept 2023 @ $3675. I see no worries.
Nice balance sheet however the no mortgage still has taxes and insurance similar to a mortgage payment and unfortunately, the SS income is also taxable along with 401k distributions. Just saying that the "payment cycle " is not ocer yet and must have continued planning for success.
I lived with a budget for 50+ years so I don’t have to worry about my spending in retirement and after that long your spending becomes habit and you have to force yourself to spend on a “luxury”. Still have more money after 6 years of retirement than I started with and everything is paid for. Life’s good!
Hey Joe. Not offended, but for my situation, I disagree. A budget is of utmost importance, and while I've paid down quite a bit of my debt, I still violate the other 3 'traits'. Do I have a ton of money? No. But I have a cash reserve, a military pension, some investment income and about $4k in social security. So we live comfortably. But at 63, I needed to quit my very stressful job. I believe retirement is an individual decision. My situation is not ideal, but the debt will get paid off eventually, and it works for us. Thanks for all your insights. I do enjoy your videos and have learned alot.
Just red flags not a verdict
All solid points. I'd add that, if one cannot pay cash for something desired, REconsider the purchase. The money you bank is not something you didn't buy. It's the insurance against the bad news you otherwise cannot afford, such as medical or family emergencies. Old age brings with it the deterioration of the body. you do not want to go back to work when you should be in your lazy days. Spending, instead of saving, is simply burning the candle from the other end.
Some friends of mine use to make fun of me for working a "real job" (working for L.A. County) while they travelled the world because you only live once. Well, I have it good now while they are struggling at not so great jobs with no benefits, nothing saved, and can't even afford having Internet service!
Decisions matter.
Yep, 2 years from retirement and I need to work on a budget. All the others I am on track. Thanks for the insights.